Report: State incentives work, but need help
The $250 million Maine spends annually on tax incentives and other economic development programs is stimulating business growth, but some programs are in need of fine-tuning, according to an independent report released this week.
The report, which evaluated the performance of 22 state programs over the last year, said the state's initiatives helped create 3,602 jobs over the last year and retain another 13,090 jobs, according to EntreWorks Consulting of Arlington, Va., the lead firm conducting the report. The 1,500 companies that participated in the report lost 1.7% of their jobs over the last year, below the statewide average of 1.9%, and also reported a 7.5% increase in revenues, the report states.
However, the report found that the state's initiatives disproportionately benefit manufacturers and rural businesses, and that businesses said they lack crucial information about how to access available programs. The report recommends better integration across various programs and the establishment of two new boards, comprised of program participants and local economic development leaders, to provide feedback to the state Department of Economic and Community Development.
The report's findings will be presented to state lawmakers today, according to the Associated Press.
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